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Share-based payments | 12 Months Ended
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Dec. 31, 2017
Text block1 [abstract] |
Share-based payments |
25. | Share-based payments
The Company has established equity compensation plans under which it administers restricted stock, stock options, and certain other equity-based awards to attract, retain, and motivate executive officers, certain key employees, and non-employee directors to compensate them for their contributions to the growth and profitability of the Company. Shares delivered under this award program may be sourced from treasury stock, or authorized unissued shares. The Company’s equity compensation plans are accounted for under IFRS 2 Share-Based Payment (“IFRS 2”). IFRS 2 requires companies to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award or at fair value of the award at each reporting date, depending on the type of award granted. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the award, which is usually the vesting period. The total compensation cost recognized for non-vested stock and options awards amounts to $7.4 million, $7.5 million, and $4.0 million in 2017, 2016, and 2015, respectively, and was recorded as a component of “Wages, salaries, benefits and other employees’ expenses” within operating expenses. Non-vested Stock The Company approved a non-vested stock bonus award for certain executive officers of the Company. A summary of the terms and conditions, properly approved by the Compensation Committee of our Board of Directors, relating to the grants of the non-vested stock award under the equity compensation plan is as follows:
Grant date |  | Number of instruments |  |  | Vesting conditions |  | Contractual life
February, 2013 |  |  | 19,786 |  |  | 15% first three anniversaries |  | 5 years
|  |  |  |  |  | 25% fourth and 30% fifth anniversary |  |
February, 2015 |  |  | 13,709 |  |  | One-third every anniversary |  | 3 years
April, 2015 |  |  | 4,915 |  |  | 15% first three anniversaries |  | 5 years
|  |  |  |  |  | 25% fourth anniversary 30% fifth anniversary |  |
June, 2015 |  |  | 10,920 |  |  | One-third every anniversary |  | 3 years
June, 2015 |  |  | 4,912 |  |  | Third anniversary |  | 3 years
June, 2015 |  |  | 6,750 |  |  | 15% first three anniversaries |  | 5 years
|  |  |  |  |  | 25% fourth anniversary 30% fifth anniversary |  |
December, 2015 |  |  | 429 |  |  | Third anniversary |  | 3 years
February, 2016 |  |  | 19,012 |  |  | One-third every anniversary |  | 3 years
February, 2016 |  |  | 147,000 |  |  | 15% first three anniversaries |  | 5 years
|  |  |  |  |  | 25% fourth anniversary 30% fifth anniversary |  |
February, 2016 |  |  | 63,000 |  |  | Fifth anniversary |  | 5 years
May, 2016 |  |  | 7,899 |  |  | 15% first three anniversaries |  | 5 years
|  |  |  |  |  | 25% fourth anniversary 30% fifth anniversary |  |
May, 2016 |  |  | 4,739 |  |  | One-third every anniversary |  | 3 years
June, 2016 |  |  | 25,280 |  |  | One-third every anniversary |  | 3 years
June, 2016 |  |  | 7,925 |  |  | Third anniversary |  | 3 years
September, 2016 |  |  | 6,668 |  |  | Third anniversary |  | 3 years
September, 2016 |  |  | 5,005 |  |  | One-third every anniversary |  | 3 years
February, 2017 |  |  | 22,012 |  |  | One-third every anniversary |  | 3 years
June, 2017 |  |  | 11,980 |  |  | One-third every anniversary |  | 3 years
June, 2017 |  |  | 2,237 |  |  | Third anniversary |  | 3 years
Non-vested stock awards were measured at their fair value on the grant date. For the 2017 grants, the fair value of these non-vested stock awards amounts to $107.29 per share (2016: $59.94, $63.3 and $59.94). A summary of the non-vested stock award activity under the plan as of December 31, 2017 and 2016 with changes during these years is as follows (in number of shares):
|  | 2017 |  |  | 2016 |  |  | 2015 |
Non-vested as of January 1 |  |  | 333,183 |  |  |  | 139,962 |  |  |  | 199,786 |
Granted |  |  | 36,229 |  |  |  | 291,872 |  |  |  | 36,291 |
Vested |  |  | (62,224 | ) |  |  | (94,208 | ) |  |  | (94,704 | )
Forfeited |  |  | (3,035 | ) |  |  | (4,443 | ) |  |  | (1,411 | )
Non-vested as of December 31 |  |  | 304,153 |  |  |  | 333,183 |  |  |  | 139,962 |
The Company uses the accelerated attribution method to recognize the compensation cost for awards with graded vesting periods. The Company estimates that the remaining compensation cost, not yet recognized for the non-vested stock awards, amounts to $9.3 million (2016: $13.1 million), with a weighted average remaining contractual life of 2.1 years (2016: 2.8 years). Additionally, the Company estimates that the 2018 compensation cost related to these plans amounts to $4.9 million. Stock options In March 2007, Copa Holdings granted 35,657 equity stock options to certain named executive officers, which vested over three (3) years in yearly installments equal to one-third of the awarded stock on each of the three anniversaries of the grant date. The exercise price of the options amounts to $53.1, which was the market price of the Company’s stock at the grant date. The stock options have a contractual term of 10 years. The weighted-average fair value of the stock options at the grant date amounts to $22.3 and was estimated using the Black-Scholes option-pricing model assuming an expected dividend yield of 0.58%, expected volatility of approximately 37.80% based on historical volatility, weighted average risk-free interest rate of 4.59%, and an expected term of 6 years calculated under the simplified method. A summary of the options award activity under the plan as of December 31, 2017 and 2016 and changes during the year is as follows (in number of shares):
|  | 2017 |  |  | 2016 |  |  | 2015 |
Outstanding as of January 1 |  |  | 19,894 |  |  |  | 20,940 |  |  |  | 20,940 |
Exercised |  |  | (11,061 | ) |  |  | (1,046 | ) |  |  | — |
Forfeited |  |  | (8,833 | ) |  |  | — |  |  |  | — |
Outstanding as of December 31 |  |  | — |  |  |  | 19,894 |  |  |  | 20,940 |
The Company uses the accelerated method to recognize the compensation cost for stock options. There is no additional compensation cost to be recognized for stock options. This option award expired on March 2017. The Company plans to make additional equity-based awards under the plan from time to time, including additional non-vested stock and stock option awards. The Company anticipates that future employee non-vested stock and stock option awards granted pursuant to the plan will generally vest over a three to five year period and the stock options will carry a ten-year term.

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- Definition The entire disclosure for share-based payment arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 2 -IssueDate 2017-01-01 -Paragraph 44 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&num=2&date=2017-03-01&anchor=para_44&doctype=Standard -URIDate 2017-03-09 + Details
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